INE229U07186 | Namra Finance Ltd.

11.45%

YTM

₹9,977.98

Minimum investment

Quarterly

Payout

24 Apr 2028

Maturity

10.90%

Coupon Rate

₹10,000

Face Value

Currently subscribed50 Units available

0% Sold

11.45% / +55 bpsYTM vs coupon

yield above stated coupon

99.8694 / 99.7798Clean / dirty price

Excluding / including accrued interest

About the Issuer

Namra Finance Limited is an RBI-registered NBFC-MFI and 100% subsidiary of Arman Financial Services Limited. It started microfinance operations in May 2012 and provides JLG and individual loans across rural, semi-urban and urban markets.

Debenture trustee: Vardhaman Trusteeship Private Limited
Issuance date: 24 Apr 2026

Why this bond?

ACUITE A- Stable rating supports credit view.
10.90% fixed coupon paid quarterly to Apr-2028.
1.10x exclusive receivables security cover.
NBFC-MFI with 391 branches across 10 states.

Quarterly Interest PayoutPrincipal Paid Across Schedule

₹9,977.98Principal Invested

₹1,775.36Interest earned

₹11,775.36Final Payout

Interest Payout Schedule

Interest payout schedule for selected units, with payout date, interest amount, and principal amount.
Payout Date	Interest (₹)	Principal (₹)
24 Oct 2026	₹274.74	--
24 Jan 2027	₹274.74	--
24 Apr 2027	₹268.77	--
24 Jul 2027	₹271.75	--
24 Oct 2027	₹274.74	--
24 Jan 2028	₹274.74	₹5,000
24 Apr 2028	₹135.88	₹5,000
Total	₹1,775.36	₹10,000

Key Strengths

Established MFI Franchise

Arman Group has a long operating track record and Namra has operated as an NBFC-MFI since 2013.

Experienced Promoters

Promoter and management experience support execution across rural retail and microfinance cycles.

Strong Capitalisation

Group CAR stood at 37.34% and Tier I at 36.59% in FY25, providing a capital buffer.

Security Cover

The NCD has 1.10x first-ranking exclusive receivables cover during the tenor.

Key Risks

Asset Quality Pressure

GNPA and delinquencies rose amid MFI stress, and portfolio slippages remain a key monitorable.

Profitability Decline

PAT declined sharply in FY25 and the group reported a net loss in Q1FY26.

Credit Cost Risk

Elevated credit costs and write-offs could continue to pressure earnings.

Covenant Risk

KID risk factors flag possible PAR/profitability covenant pressure if stress persists.

ACUITE A- Stable1.10x coverGroup CAR 37.34%391 branches

A-/ StableApr 2026

Rating rationale summary

ACUITE A-/Stable reflects Arman Group's established presence, strong capitalisation and improved leverage, offset by MFI asset-quality and profitability pressure.

Summary points

PAT fell to INR 52.07 Cr in FY25.
GNPA rose to 3.45% in Q1FY26.
Group CAR stood at 37.34% with Tier I at 36.59%.
Liquidity position is assessed as adequate.

Rating history timeline

Dec 2025

Prior outstanding NCDs in KID show A-/Stable on multiple facilities.

Apr 2026

Acuite reaffirmed A-/Stable on Rs.810 Cr bank facilities.

Outlook implications

Stable outlook assumes the group restores profitability, manages MFI delinquencies and maintains capital buffers while operating through sector stress.

Implications for investors

The A-/Stable rating supports timely servicing but is not a guarantee of payment.
1.10x receivables security adds structural protection, subject to eligible-asset maintenance.
Profitability, PAR movement, write-offs and covenant compliance should be tracked closely.

Watch for: GNPA/NNPA movement, PAR>30/PAR>90, credit costs, write-offs, positive PBT covenant and group gearing.

Rating Drivers

Arman Group active since 1992

Group CAR 37.34%

Gearing moderated to 1.41x

Approx. 50% AUM covered

PAT dropped sharply in FY25

GNPA 3.45% in Q1FY26

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